Shakti Pumps India Ltd achieved its highest-ever consolidated revenue of ₹2,698 crore in FY26. However, profit after tax declined due to input cost pressures. The company is investing in solar and EV component manufacturing.
Shakti Pumps India Ltd: FY26 Revenue Soars to Record High, PAT Affected by Costs
Consolidated Revenue: ₹2,697.6 crore Consolidated PAT: ₹257.6 crore Reader Takeaway: Record revenue despite lower profit; diversification and capacity expansion signal future growth. ## What just happened Shakti Pumps (India) Limited has announced its financial results for the fiscal year 2025-26, reporting its highest-ever consolidated annual revenue of ₹2,697.6 crore. This marks a 7.2% increase from the previous fiscal year's total income of ₹2,533.33 crore. Despite the strong top-line performance, the consolidated Profit After Tax (PAT) saw a decline, falling to ₹257.6 crore in FY26 from ₹408.37 crore in FY25. ## Why this matters The record revenue highlights Shakti Pumps' growing market presence, particularly in the solar pumping sector under the PM-KUSUM scheme. However, the decrease in PAT signals profitability challenges, which the company attributes to rising input costs for materials like stainless steel and copper, especially during the latter half of the fiscal year. ## The backstory Shakti Pumps has been a key player in the solar energy domain, maintaining a significant market share in government-led initiatives. The company has historically relied on these schemes for order flow. This year's results show continued leverage of its solar leadership while also indicating a strategic pivot towards diversification and backward integration. ## What changes now The company is embarking on a significant capacity expansion program, committing ₹1,700 crore. This includes developing a 2.2 GW solar DCR cell and PV module manufacturing facility. Furthermore, Shakti Pumps is diversifying into the Electric Vehicle (EV) component market through its subsidiary, Shakti EV Mobility Pvt. Ltd., and entering the solar rooftop segment. The order book stands strong at ₹1,500 crore as of early May 2026. ## Risks to watch Key risks include the continued impact of input cost volatility, particularly for stainless steel and copper. The company's significant dependence on government-led schemes like PM-KUSUM exposes it to risks related to government payment cycles and tender processes. However, improvements in receivables indicate better government payment timelines. ## Peer comparison While specific peer data for FY26 is not detailed in the filing, Shakti Pumps operates in the competitive solar pump manufacturing and renewable energy component space. Its diversification into EV components places it alongside other players entering the rapidly growing EV supply chain. ## Context metrics (time-bound) - **Solar Pump Installations:** 86,086 units in FY26, a 20% year-on-year increase. - **Market Share (PM-KUSUM):** Estimated ~25%. - **Receivables:** Reduced from ₹1,697 crore (Dec 2025) to ₹1,275.7 crore (Mar 31, 2026). - **Debt-Equity Ratio:** 0.3x. ## What to track next Investors will be keen to observe the successful execution of the ₹1,700 crore expansion project, especially the development of the DCR cell manufacturing facility. Monitoring input cost trends and the progress of diversification into EV components and solar rooftops will be crucial for future margin stability and growth.
